Group 1 - The core viewpoint of the article is that China Galaxy has given Midea Group (000333.SZ) a "recommended" rating based on its strategic moves and market performance [1] - Midea Group's 2B business is advancing further with the acquisition of the international business of Ruike Medical [1] - The domestic home appliance business is supported by ongoing national subsidies, and Midea has raised the price of its air conditioners during the New Year [1]

Core Viewpoint - Whirlpool expects to achieve a net profit of approximately 505 million yuan for the year 2025, representing an increase of about 303 million yuan compared to the previous year, which is a year-on-year increase of around 150% [1] Group 1: Financial Performance - The significant increase in profit is attributed to enhanced technological innovation, the advancement of new project development, and strengthened collaboration with customers, leading to an increase in orders and a year-on-year growth in main business revenue [1] - The company has actively promoted transformation and change during the reporting period by implementing lean management and continuous innovation, which has helped to uncover cost reduction opportunities and improve organizational efficiency [1] - Overall profitability has further improved due to the aforementioned factors, resulting in a substantial increase in the company's performance for the year [1]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The industry is expected to experience low - level consolidation [3] Group 3: Summary Based on Core Content Policy and Industry Data - The Ministry of Commerce and eight other departments jointly issued a green consumption promotion action with 20 specific measures in 7 aspects including enriching green product supply and supporting new - energy vehicle purchases, and encouraging the purchase of certified green smart home appliances [2] - In December 2025, the average transaction price of newly built commercial residential buildings in 100 cities was 17,084 yuan per square meter, with a month - on - month increase of 0.28% and a year - on - year increase of 2.58%. The average price of second - hand residential buildings in 100 cities was 13,016 yuan per square meter, with a month - on - month decrease of 0.97% and a year - on - year decrease of 8.36% [2] Market Conditions of Finished Products - Yesterday, finished products fluctuated and declined. The weak downstream demand remained unchanged, and the decline of raw material coking coal also led to the decline of finished product prices. It showed characteristics of weak supply and demand, and the macro - market had limited impact on prices [2] Future Outlook - The finished products are expected to run in a low - level consolidation later [3] - Future attention should be paid to macro - policies and downstream demand [3]

Market Performance - The Shanghai Composite Index surged after the opening, breaking the high point from November 14, 2025, and reaching the highest level since July 2015, closing at 4047.37 points, up 0.6% [1] - The Shenzhen Component Index rose by 0.69% to 13923.61 points, while the ChiNext Index increased by 0.46% to 3309.76 points, and the Sci-Tech 50 Index jumped 1.85% to 1429.42 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 567.525 billion yuan, with over 3500 stocks rising [1] Sector Highlights - The brain-computer interface sector continued to perform strongly, with several companies hitting the daily limit up, following a breakthrough in implant technology at Fudan University [3] - Semiconductor equipment stocks showed resilience, with companies like Jin Hai Tong hitting the daily limit up and others like Bei Fang Hua Chuang and Zhong Ke Fei Ce rising over 5%, reaching historical highs [3] - The solid-state battery concept saw significant gains, with Jin Long Yu hitting the daily limit up, as a Finnish company announced the launch of the world's first commercially viable all-solid-state battery [4] - The commercial aerospace sector experienced a rebound, with Lei Ke Defense achieving five consecutive limit-ups, following a capital increase announcement from China Aerospace Science and Technology Corporation [4] Institutional Insights - Huatai Securities expressed optimism about the spring market, suggesting a focus on growth sectors like electric equipment and renewable energy, as well as domestic demand improvement themes [5] - CITIC Securities noted that the cross-year market may exhibit characteristics of "growth leading and liquor accumulating," with a focus on sectors like snacks and dairy [5] - Huaxi Securities highlighted 2026 as a year of multiple positive factors, with a solid foundation for a bull market, driven by macro policies and improving corporate earnings [6] - Guojin Securities projected 2026 to be the year of recoverable commercial rockets, emphasizing the importance of cost reduction through recoverable technology in the aerospace sector [7] - Tianfeng Securities recommended focusing on cosmetics, gold jewelry, and duty-free sectors, which are expected to grow amid the recovery of high-end consumption [7]

Market Overview - On the first trading day of 2026, the Shanghai Composite Index rose by 1.38% to 4023.42 points, while the Shenzhen Component Index increased by 2.24% and the ChiNext Index by 2.85%. The total trading volume in the Shanghai and Shenzhen markets reached 2.55 trillion yuan. The leading sectors included media, pharmaceuticals, and electronics, while oil and petrochemicals, banking, and transportation lagged behind [2][7] - The Hong Kong Hang Seng Index saw a slight increase of 0.03%, closing at 26347.24 points, while the U.S. major indices all closed higher, with the Dow Jones Industrial Average rising by 1.23% to a record high of 48977.18 points [2][7] Important News - Premier Li Qiang emphasized the need to enhance innovation and development advantages during his research in Guangdong, advocating for the improvement of industrial ecosystems and the exploration of effective business models for new technologies such as robots and drones [3][8] - A joint announcement from nine departments, including the Ministry of Commerce, implemented actions to promote green consumption, focusing on enhancing the supply of green products and encouraging the purchase of electric vehicles and certified green appliances [3][8] Industry Insights Media Industry - The New Year's Day box office exceeded 740 million yuan, marking a significant increase of 61.01% compared to the previous year. The extended holiday period allowed for a diverse range of films to cater to audience preferences, with major sequels leading the box office [9][10] - The total number of screenings during the New Year's holiday reached 1.417 million, with a notable increase in audience attendance, particularly on January 1, which saw a 14.20% year-on-year increase [10][12] - Major IP sequels like "Zootopia 2" and "Avatar 3" demonstrated strong box office resilience, contributing significantly to the overall market performance [12] Gaming Industry - In December 2025, a total of 147 game titles received approval, with 144 domestic and 3 imported games. The total number of game approvals for the year reached 1771, a 25.07% increase from 2024 [13][14] - The game "Seven Realms Dream" is highlighted for its unique "national style" theme and innovative gameplay mechanics, indicating a competitive landscape in the MMO sector for 2026 [14][15] Tourism Industry - The 2026 New Year's holiday saw 142 million domestic trips and total spending of 847.89 billion yuan, benefiting from the extended holiday period compared to the previous year [16][17] - The tourism market experienced a boost due to various factors, including the popularity of winter sports, the appeal of Hainan's free trade zone, and increased interest in outbound travel [18][19] - The outlook for 2026 remains positive, with expectations for further growth in the tourism sector driven by favorable policies and consumer confidence [19]

Group 1 - Nvidia's next-generation AI chip, named "Rubin," has entered full production and is expected to launch later this year, offering AI computing performance five times that of its predecessor [3] - The Rubin platform consists of six independent Nvidia chips, with the flagship device featuring 72 GPUs and 36 CPUs, capable of connecting over 1,000 Rubin chips in clusters [3] - Key innovations include Context Memory Storage for faster responses in long conversations and Co-packaged Optics for enhanced networking capabilities [3] Group 2 - Nvidia announced a broader release of its "Alpamayo" software for autonomous vehicles, which aids in path decision-making and provides engineers with decision-making data [4] - The company remains a leader in AI model training but faces increasing competition in the inference segment from traditional rivals like AMD and Google [4] Group 3 - AI hardware startup Looki has completed over $20 million in Series A funding, led by Ant Group, with plans to focus on talent development, model iteration, product R&D, and supply chain integration [6] - Looki's first product, the Looki L1 wearable AI hardware, has seen rapid sales, with global sales nearing 10,000 units [6][7] Group 4 - Looki L1 features proactive AI capabilities that provide real-time suggestions based on user behavior, set to be showcased at CES [7] Group 5 - Xiaomi's CEO Lei Jun responded to discussions about the safety design of the YU7 vehicle, emphasizing the maturity of the "wheel detachment" safety concept, which has been used since 1959 [11][12] Group 6 - The CEO of Raybird announced plans to launch the first dual-eye AR glasses with eSIM technology, indicating a shift towards independent AR devices [16] - The company aims to implement a "charge phone bill, get glasses" model, similar to the smartphone adoption phase [16] Group 7 - Boston Dynamics showcased its next-generation Atlas robot, which has transitioned to an all-electric system and is now performing real manufacturing tasks [23] - The new Atlas robot features significant upgrades in structure, materials, and intelligence, allowing it to perform complex tasks in a factory environment [23][24] Group 8 - LG introduced its CLOiD home robot at CES, designed to assist with household chores, demonstrating basic capabilities such as placing items in a washing machine [26] Group 9 - WeChat launched an AI application growth plan, offering developers free access to cloud resources, AI computing power, and monetization support, aiming to make 2026 the "year of AI applications" [41][42] Group 10 - The collaboration between GAC Group and Huawei aims to enhance smart cockpit and AI technology, focusing on the integration of the HarmonyOS ecosystem and AI innovations [49][50]

Market Overview - The three major indices opened mixed, with the Shanghai Composite Index up 0.06% and the Shenzhen Component Index up 0.01%, while the ChiNext Index opened down 0.45% [1] - The human brain engineering and lithium mining sectors showed significant gains, while commercial aerospace and CPO sectors experienced declines [1] Index Performance - Shanghai Composite Index: 4026.02, up 0.06%, with 1018 gainers and 808 losers [2] - Shenzhen Component Index: 13830.30, up 0.01%, with 1318 gainers and 1066 losers [2] - ChiNext Index: 3279.81, down 0.45%, with 650 gainers and 552 losers [2] External Market - U.S. stock indices closed higher, with the Dow Jones reaching a record high, driven by strong financial stocks [3] - The Dow Jones increased by 594.79 points (1.23%) to 48977.18, the Nasdaq rose by 160.19 points (0.69%) to 23395.82, and the S&P 500 gained 43.58 points (0.64%) to 6902.05 [3] - Most Chinese concept stocks saw gains, with the Nasdaq Golden Dragon China Index up 0.49% [3] Institutional Insights - Huatai Securities anticipates a strengthening spring market, recommending investments in growth sectors such as electric equipment and renewable energy, as well as sectors related to domestic demand improvement [4] - CITIC Securities highlights a "growth first, liquor accumulation" trend in the cross-year market, with a focus on sectors like snacks and dairy that show clear growth potential [5] - Huaxi Securities predicts 2026 will be a significant year for the market, supported by favorable macro policies and improving corporate earnings [6] - Guojin Securities expects 2026 to be the year of recoverable commercial rockets, emphasizing the importance of cost reduction through recoverable technology [7][8] - Tianfeng Securities sees growth potential in cosmetics, gold jewelry, and duty-free sectors amid the recovery of high-end consumption [9]

隆冬的寒风，挡不住消费热情。新年伊始，在西安市龙湖香醍天街智己体验店，看车选车的顾客络 绎不绝。 "旧车开了10年，想换辆新能源新车，通过报废更新，不仅省了2万多元，日常出行还节能环保，太 划算了！"西安市民张建设在去年9月上旬预订了新车，1月3日办完提车手续，难掩心中喜悦。 他报废的是一辆国四排放标准燃油车，既享受报废更新补贴，又叠加品牌商家的优惠，原本23万元 的智己LS6车型，补贴后省下一大笔开支。他实现了换车的心愿。 元旦假期的夜晚，西安大唐不夜城华灯璀璨。 "盛唐密盒"互动演艺围满游人、笑声不断；汉服小姐姐穿梭街市，不时来一场"快闪"；特色文创店 里，游客仔细挑选着大雁塔手办；街边的陕菜馆前，人们排起长龙……从傍晚到深夜，氛围感拉满，勾 勒出夜间消费的火热图景。 1月4日，在西安市苏宁易购金花路店，以旧换新咨询台前围满了顾客。工作人员正忙着帮顾客测算 旧家电折价和新家电补贴。 "家里老冰箱用了12年，噪声大还费电。这次换一级能效无霜冰箱，将旧冰箱折价400元，再叠加 15%政府补贴，一下子省了1000多元。"西安市民李爱玲指着选中的冰箱，满脸笑容，"店里还提供免费 上门拆旧、送货安装服务，省心又省力 ...

Group 1 - The government has initiated a new phase of special long-term treasury bonds, with the first batch of 62.5 billion yuan allocated to support a consumption upgrade program [1] - The focus is on enhancing the coverage of key consumer goods and promoting energy-saving and carbon reduction initiatives [2] - Subsidies will be concentrated on high-efficiency products, particularly in the automotive, digital, and smart home sectors [2] Group 2 - Consumers purchasing certain products, such as smart glasses, will receive a subsidy of 15% of the product price, capped at 500 yuan per item [3] - The subsidy applies to a range of household appliances that meet energy efficiency or water efficiency standards, with a maximum subsidy of 1500 yuan per item for eligible products [6] - The program encourages the replacement of old vehicles, with specific guidelines for subsidies on scrapped vehicles [6]

Core Viewpoint - The new trend of green consumption is reshaping lifestyles and promoting sustainable practices across various sectors, driven by a recent initiative from the Ministry of Commerce and nine other departments to advocate for green consumption and low-carbon production methods [1] Group 1: Food Sector - The initiative emphasizes increasing the supply of green agricultural products and developing green dining options, encouraging businesses to procure high-quality items such as organic and geographical indication products [2][3] - It aims to reduce cooking oil emissions, curb food waste, and promote the use of biodegradable and reusable packaging in the food service industry [3] Group 2: Housing Sector - The initiative encourages the purchase of green-certified smart home appliances and eco-friendly building materials, focusing on sustainable and intelligent home solutions [4][5] - It promotes the establishment of green hotels that utilize non-toxic, water-saving cleaning agents and offer refillable toiletries, while also innovating in health-oriented room services [5] Group 3: Transportation Sector - The initiative supports the automotive industry by promoting the replacement of old vehicles with new energy vehicles, which now account for nearly 60% of the market, and encourages cycling as a new trend in tourism [7] - It aims to enhance the automotive aftermarket, including second-hand cars, rentals, and shared mobility services, while advocating for the integration of AI in green consumption practices [7] Group 4: Recycling and Second-hand Market - The initiative promotes green recycling practices and the circulation of second-hand goods, encouraging retailers to provide reusable shopping options and e-commerce platforms to collaborate with logistics for sustainable packaging [8][9] - It outlines the establishment of a three-tier recycling system and encourages the creation of second-hand shops to maximize the value of idle goods, while also addressing the need for standardized green product certifications [9]